United Sporting's $15M Interim DIP Proposal Misses Target
Law360, Wilmington (June 11, 2019, 9:55 PM EDT) -- Firearm and outdoor sporting equipment distributor United Sporting Cos. Inc. received court permission to access a portion of its $30 million post-petition financing package in Delaware bankruptcy court Tuesday, but only after the proposed $15 million interim borrowing base was reduced by the court's questions about its necessity.
During a first-day hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber Silverstein's challenge of the debtor's need for $15 million in interim borrowing under the proposed DIP led United Sporting and its post-petition lenders to slash that availability to $10 million and put off consideration of a $500,000 lending fee until later in...
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